Russia works on law to allow new management for pulled-out foreign firms

The Russian parliament has given preliminary approval to a bill that would allow the government to appoint new management of foreign companies that pulled out of Russia.

According to state news agency Tass, the new law would transfer control over companies that left Russia because of “anti-Russian sentiment in Europe and the US”. Tass said foreign owners would still be able to resume operations in Russia or sell their shares.

The State Duma, the lower house of Russia’s parliament, approved the bill in the first of three readings on Tuesday. After final approval, it would go to the upper house and then to the president for his signature.